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Starbucks Corporation Reports Fourth Quarter and Full Fiscal Year 2024 Financial Results

authorIntellectia.AI

2024-10-232mins

Starbucks Corporation Reports Fourth Quarter and Full Fiscal Year 2024 Financial Results

Starbucks Corporation (NASDAQ: SBUX) has announced its financial results for the fourth quarter and full fiscal year ending September 29, 2024.

Key Financial Metrics:

Metric Q4 2024 Q4 2023 YoY Change Consensus Estimate Q3 2024 QoQ Change
Total Revenue (Billion $) 9.1 9.37 -3% 8.11 9.37 -2.9%
GAAP EPS ($) 0.80 1.06 -24.5% 0.98 1.06 -24.5%
Non-GAAP EPS ($) 0.80 1.06 -24.5% 1.06 -24.5%

Starbucks reported a decline in both revenue and earnings per share compared to the previous year, missing consensus estimates. The company faced challenges in North America and China, with a notable decline in U.S. comparable store sales and intensified competition in China.

Revenue Performance by Segment:

Segment Q4 2024 Revenue (Billion $) Previous Guidance YoY Change
North America 5.5 Not Provided -6%
International 3.6 Not Provided -14%

The North American segment saw a 6% decline in comparable store sales, while the International segment, particularly China, experienced a 14% decline due to competitive pressures and a soft macro environment.

Operational Data:

No additional operational data was provided in the report.

Comments from Company Officers:

Rachel Ruggeri, Chief Financial Officer, acknowledged the challenges faced in changing customer behavior despite increased investments. Brian Niccol, Chairman and CEO, emphasized the need for a strategic reset with the 'Back to Starbucks' plan to focus on core strengths and improve customer experience.

Dividends and Share Repurchase Program:

Starbucks announced an increase in its quarterly cash dividend from $0.57 to $0.61 per share, reflecting confidence in long-term growth.

Forward Guidance:

The company has suspended guidance for the full fiscal year 2025 to reassess its business strategy and stabilize operations.

Stock Price Movement:

Following the earnings release, Starbucks' stock experienced a slight increase of approximately 0.09%, indicating a cautious market response to the company's strategic plans and financial performance.

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